Philippines: Remittances drop in October
December 19, 2016
In October, cash remittances from Overseas Filipino Workers (OFW) fell 3.0% from the same month of last year to USD 2.1 billion. The reading contrasted the previous month’s 6.7% increase and marked the lowest reading in eight months.
The overall trend remained unchanged, as cash remittances totaled USD 26.5 billion in the 12 months up to October, matching September’s reading. The reading represented a 3.3% expansion over the same period of the previous year, slightly up from the previous month’s 3.2% rise, and was the highest result since February 2016. Remittances, which accounted for approximately 9.8% of GDP in 2015, are an important source of income for many Filipino families and thus one of the main drivers of private consumption. Remittances in October came mainly from the United States, Saudi Arabia, the United Arab Emirates, Singapore, the UK, Japan and Qatar.